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Author Topic: Purchase of property within Family with POA  (Read 230 times)

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Offline Sanjit-Das

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Purchase of property within Family with POA
« on: March 06, 2018, 07:45:22 AM »
I am POA of my brothers flat, now he is looking to sell the flat and I am re buy.He does not lives in India , so I maintain the property.
If I take a home loan , will I need to register the property? As I am already) and I am only the one who did all paper works for this property initially.
So I only signed all documents at time of registration etc etc as POA.
my questions
-              Will bank require registration papers before releasing loan to me
-              Can I as a POA do all the process as by this my brother wont have to co
-              Whats the best way to go for it, I need the property and he wants to sell

Offline kalaskarkk

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Re: Purchase of property within Family with POA
« Reply #1 on: March 15, 2018, 12:53:11 AM »
Dear Sir,

My answers are as follws:

-              Will bank require registration papers before releasing loan to me

Ans: Yes, the bank may call upon you to produce certain papers disclosing your title to the property.

-              Can I as a POA do all the process as by this my brother wont have to co

Ans: Bank may or may out accept POA and may insist some other documents from original owner that is your brother.

-              Whats the best way to go for it, I need the property and he wants to sell

Ans: As per Supreme Court judgment POA sales were banned since 2011. Instead of sale transaction you may go for any other recognized transfer like Release Deed/Gift Deed.
Regards:

Kishan Dutt Kalaskar
Retd Judge and Advocate
No.74, 1st Floor, “Disley”  House,
Malleswaram, Bengaluru-560003.
Mob: 9686971935, 080-23461189
kalaskarnetra@gmail.com
Call me for clarification

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